Australia's Enova Energy seeks crowdfunding for growth

August 17 (Renewables Now) - Enova Energy, Australia’s first community-owned renewable energy retailer, is looking to raise funds in a crowdfunding campaign to support an expansion into new parts of the country.

According to an announcement on the Crowd88 platform, Northern Rivers-based Enova wants to grow into Sydney, Newcastle and Wollongong in its home state -- New South Wales, as well as in Southeast Queensland and diverse regional communities. Renew Economy reports that the list also includes the states of Victoria and South Australia and that the company is seeking at least AUD 3 million (USD 2.2m/EUR 1.9m) via the crowdfunding campaign.

Enova Energy has a retail electricity license for the National Electricity Market (NEM). It was established in 2016 after raising AUD 4 million from 1,090 investors. Three-thirds of the company’s voting shares are held on the New South Wales north coast, in and around the Northern Rivers region, while the rest of Enova’s shareholders come from every state and territory in Australia.